Macquarie's supervisor, NZ Guardian Trust has given Mercer approval to take over as the manager of the manager's retail and wholesale funds.
Mercer New Zealand chief executive, Martin Lewington welcomed the NZGT’s decision, and the opportunity to work with MAM’s existing clients to deliver Mercer’s investment capabilities and research to more investors in New Zealand.
“We believe this opportunity can provide strategic benefits to clients, bringing together MAM’s capabilities in global investment management, and the strength of Mercer’s existing NZ multi-manager platform. It also provides new distribution channels for our investments business, particularly in the retail wealth management space,” Lewington said.
“Importantly, this opportunity is aligned with our strategic intent to continue to grow our multi-manager implemented investment solutions business in the New Zealand market,” he said.
As part of the transition, it is expected that several current Macquarie NZ team members will move across to Mercer, helping to provide continuity of relationship management, client service and operations support functions.
“We look forward to working with MAM to provide continuity for existing clients through the integration and a commitment to maintaining the current service model,” Lewington said.
The transition of management is planned to be completed by the end of the first quarter of 2023.
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